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Hi Ricki,
That is a very good question. Internet of Things has huge industrial applications specially for the manufacturing industry.
A very simple example can be the sensors connected to the machines on the shop floor. This will enable your entire production line to become connected. Failure in one module can halt the entire production quickly. This will reduce accidents and losses. Of course, this is just one example.
You can check out my article to see how can IoT help your business.: http://theiotportal.com/2015/07/01/internet-of-things-a-business-case/
You can also see our News Section: http://www.theiotportal.com/internet-of-things-news to stay updated about latest developments in IoT.